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Sensex gains 99 points

MUMBAI: Bolstered by satisfactory GDP growth rate and firm global cues, the Bombay Stock Exchange benchmark Sensex moved up by over 99 points on Friday despite rise in inflation. According to Finance Minister, GDP growth at 9 per cent for 2007-08 is quite satisfactory in a year that saw turbulence in money market and rise in crude prices and corrective steps would be taken to address the slowdown in manufacturing sector.

Market participants are still waiting for the announcement of a hike in fuel prices by the government. The Sensex moved in a range of 16540.49 and 16314.99 before closing at 16415.57, a rise of 99.31 points against Thursday’s close of 16,316.26. The S&P CNX Nifty of the National Stock Exchange rose by 34.80 points to 4870.10 from 4835.30.

Capital goods and IT counters attracted good buying support, while power, refinery and realty segments suffered a sharp setback. — PTI

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